Wall Street Zen Downgrades IM Cannabis (NASDAQ:IMCC) to Hold

IM Cannabis (NASDAQ:IMCC) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Saturday.

IM Cannabis Stock Performance

Shares of IM Cannabis stock opened at $2.66 on Friday. IM Cannabis has a fifty-two week low of $1.29 and a fifty-two week high of $7.12. The firm has a market cap of $13.97 million, a PE ratio of -4.93 and a beta of 2.20. The business’s fifty day moving average is $2.84 and its two-hundred day moving average is $2.24. The company has a quick ratio of 0.59, a current ratio of 0.72 and a debt-to-equity ratio of 0.32.

IM Cannabis (NASDAQ:IMCC) last issued its earnings results on Tuesday, August 12th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.07. The business had revenue of $9.21 million for the quarter, compared to analyst estimates of $12.88 million. IM Cannabis had a negative return on equity of 59.80% and a negative net margin of 4.19%.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in IM Cannabis stock. Heron Bay Capital Management bought a new position in IM Cannabis Corp. (NASDAQ:IMCC) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 78,790 shares of the company’s stock, valued at approximately $195,000. Heron Bay Capital Management owned 1.95% of IM Cannabis at the end of the most recent quarter. Hedge funds and other institutional investors own 7.68% of the company’s stock.

About IM Cannabis

IM Cannabis Corp. engages in breeding, growing, and supply of medical cannabis products in Israel and Germany. It offers cannabis flowers and strain-specific cannabis extracts under the IMC brand; and dried flower, pre-rolls, minis, and full spectrum extracts offerings under the WAGNERS and BLKMKT brands.